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NMI Holdings Inc. (NMIH) is a leader in the mortgage insurance industry, dedicated to restoring trust through innovation and a straightforward approach. Through its subsidiaries, the company provides private mortgage guaranty insurance, reinsurance on loans, and outsourced loan review services. NMI Holdings serves a broad range of clients including national and regional mortgage banks, money center banks, credit unions, community banks, builder-owned mortgage lenders, Internet-sourced lenders, and other non-bank lenders. Its key objective is to protect lenders and investors from default-related losses on a portion of the unpaid principal balance of covered mortgages.
NMI Holdings is committed to putting customers first by pioneering 12-month rescission relief, offering favorable terms of coverage, and ensuring a fair underwriting process. The company emphasizes innovation to move mortgage insurance (MI) forward, helping more low down payment borrowers achieve homeownership.
In recent developments, NMI Holdings has made significant strides, such as appointing Aurora Swithenbank as Executive Vice President and Chief Financial Officer effective May 1, 2024, with Ravi Mallela continuing as CFO through the transition period. The company has also reported substantial financial metrics, including loss ratios, expense ratios, and combined ratios, which may exhibit variations due to rounding and other factors.
For more detailed financial statistics, the company provides comprehensive information such as book value per share, which excludes net unrealized gains and losses. Notably, all unexercised warrants expired in April 2022, eliminating future changes in warrant liability valuation.
To keep investors informed, NMI Holdings offers regular updates on portfolio statistics, geographic dispersion of primary risk in force (RIF), and recent claims data. The company’s commitment to transparency and customer-centric policies continually strengthens its position in the mortgage insurance sector.
For more information, investors can contact John M. Swenson, Vice President of Investor Relations and Treasury, via email at John.Swenson@NationalMI.com or phone at (510) 788-8417.
National Mortgage Insurance Corporation, a subsidiary of NMI Holdings (NASDAQ: NMIH), announced that Ralph Remy, Director of Client Digital Experience, received the 2021 Emerging Training Leaders award from Training magazine. This accolade recognizes exemplary leadership and innovation in training initiatives. Remy has significantly impacted National MI's training efforts, managing the MI University program, which educated over 6,600 attendees in 2021 through more than 95 webinars. His leadership enhances client engagement strategies.
NMI Holdings, Inc. (NMIH) reported a strong performance for Q4 2021, with net income of $60.5 million or $0.69 per diluted share, a slight increase from Q3 2021. Adjusted net income rose to $63.5 million or $0.73 per diluted share. For the full year 2021, net income reached $231.1 million, an increase from $171.6 million in 2020. The company announced a $125 million share repurchase program aimed at enhancing shareholder value. New insurance written totaled $18.3 billion, while the primary insurance-in-force increased to $152.3 billion.
NMI Holdings, Inc. (NASDAQ: NMIH) will announce its fourth quarter and full year results for the period ending December 31, 2021, after the market closes on February 15, 2022. A conference call is scheduled for 2:00 p.m. PT (5:00 p.m. ET) for investors and interested parties to discuss the results. Participants can access the call via phone or through a live webcast on the company’s website. The results and supplemental information will be made available following the call.
NMI Holdings, Inc. (Nasdaq: NMIH) appoints Ravi Mallela as Executive Vice President and Chief Financial Officer, effective January 10, 2022, succeeding Adam Pollitzer, who becomes President and CEO on January 1, 2022. Mallela brings extensive financial leadership experience from First Hawaiian, Inc. and other major financial institutions. Pollitzer expressed confidence in Mallela's capabilities, emphasizing a commitment to growth and long-term value for shareholders. NMI Holdings operates as a private mortgage insurance provider, supporting low down payment borrowers while safeguarding lender interests.
NMI Holdings, Inc. (NASDAQ: NMIH) announced an amendment to its senior secured revolving credit facility, increasing its capacity to $250 million and extending the maturity date to November 10, 2025. No funds have been borrowed under this facility. The company expressed satisfaction with the long-term support from its expanded banking partners, which enhances its capital and liquidity position. Key financial partners include J.P. Morgan Chase Bank, Citibank, and RBC Capital Markets.
NMI Holdings, Inc. (NASDAQ: NMIH) announced key executive changes effective January 1, 2022. Norm Fitzgerald has been promoted to Executive Vice President and Chief Sales Officer, while Mohammad Yousaf becomes Executive Vice President, Operations and IT. Patrick Mathis, the current Executive Vice President and COO, will retire on April 1, 2022, after nearly a decade with the company. Fitzgerald and Yousaf bring extensive experience and success in their previous roles, indicating a strategic focus on sales and operations as NMIH prepares for future growth.
National MI has announced the integration of its Rate GPS pricing with OpenClose LenderAssist LOS, enhancing the ordering process for private mortgage insurance. This collaboration allows lenders to obtain rate quotes and order mortgage insurance seamlessly through the OpenClose platform. Chief Sales Officer Norm Fitzgerald emphasized the efficiency gains for lenders, while OpenClose's Chief Revenue Officer highlighted the cost and time savings for customers. This partnership aims to streamline the mortgage insurance process, benefiting both organizations and their users.
NMI Holdings, Inc. (NMIH) reported a net income of $60.2 million, or $0.69 per diluted share, for the third quarter of 2021, reflecting a 5% increase from the previous quarter and a significant 58% year-over-year growth. Adjusted net income rose to $61.8 million, equating to $0.71 per diluted share. The primary insurance-in-force reached $143.6 billion, up 5% quarter-over-quarter and 37% year-over-year. Shareholders' equity increased by 4% from the previous quarter. The favorable credit performance and demand for down payment assistance position the company well for continued growth.
NMI Holdings, Inc. (Nasdaq: NMIH) has successfully closed a $364 million mortgage insurance-linked notes offering via Oaktown Re VII Ltd., a Bermuda-based reinsurance company. The offering features five classes of notes with varying interest rates tied to one-month SOFR. National Mortgage Insurance Corporation, a subsidiary of NMIH, will receive fully collateralized excess of loss reinsurance protection, covering loans with a cumulative claim rate threshold starting at 1.85% and an aggregate detachment level of 7.45%. The offering is aimed at enhancing National MI's risk management capabilities.
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